As a founder or CEO, there are so many ways you can spend your time, and an endless list of "should dos" that keep you up at night. A fractional COO may be just what you need to finally make that list manageable. Here's how to get the most out of your leadership team.
Identify where you thrive
Chances are, when you founded or joined your company, you were excited to solve problems and change the world. I'd also bet that your goal was not to spend your time managing team dynamics, building roadmaps, and leading yearly planning sessions. Luckily, there are folks who love that sort of work. Enter: the COO (Chief Operating Officer).
Focus on all the essentials
In the early days, companies tend to focus on building out engineering/development, customer support, and sales. Most founders will build their leadership team around these pillars, but forget the one role that empowers those leaders to thrive: the COO.
What does a Chief Operating Officer (COO) do?
I like to think of the COO as the behind-the-scenes stage manager that keeps the show running smoothly. The Chief Operating Officer provides leadership support, hones in on optimizing operational efficiencies, and aligns the organization. COOs lead executive trainings, identify areas for staff development, and optimize a company's ways of working. COOs lead quarterly and annual planning, develop scalable solutions and empower organizations to grow efficiently.
The cost of a full-time COO
The behind-the-scenes work of scaling a company is hugely important, and can also be
hugely expensive. According to Salary.com, the average COO salary in the US is $500K.
That's half a million dollars, on average, tied up in a full-time COO's salary. That means that money is off the table for growth, development, or just to cover daily business costs. For most early-stage businesses, that line item is simply too high to justify.
Make it make cents with a Fractional COO
A part-time COO is the most cost-effective way to provide your business and CEO support. A fractional COO typically works a few days each week or month (depending on your needs), drastically scaling down the cost. By employing a fractional COO, you get the benefits of a full-time COO, with less financial bloat.
How does it work?
As a part-time leadership team member, a fractional COO learns the context of what makes your business tick. Where working as a part-time CEO would be tricky, a part-time COO thrives. The COO is typically a senior IC (individual contributor) role, making it the perfect fractional role. Here's how a typical week looks for me as a fractional COO:
Monday
Performance-focused intake
Lead leadership team meeting (weekly recap, performance updates, blockers, goals for the week)
Communicate weekly priorities to the organization
Meet with department heads and assess progress against goals
Align business strategy to progress
Tuesday
Special projects & broader company work
Explore staffing optimizations
Partner with line of business owners on planning & goal-tracking
Host continuous improvement trainings for leadership skills
Facilitate project retros & feedback sessions
Why does this model work?
As an embedded member of your leadership team, I have more context than the standard, one-off consultant. As a fractional COO, I'm there when you need help with problem-solving, and not when you don't–saving you time and money.
The COO role is all about continuous improvement & effective communication. While continuous improvement implies iteration, it also implies that there's time to try, test, and change. The fractional model makes space for your team to practice & adopt new ways of working, then provide feedback when I'm in the following week. This consistent presence builds trust, while creating a working environment that's both efficient and effective.
What to look for in a COO
A leadership style that complements your own
Someone focused on team work & employee empowerment
A strategic team leader with strong cross-functional communication skills
An operations-minded ability to think about both business operations solutions and scalable systems
Fit is one of the most important qualities when selecting a part-time leadership team member. That's why I offer free consultations through Happier Office before engaging with any new leadership teams. My goal is to create a pressure-free environment where we can get to know one another and align around your strategic goals. If we're a fit, from there we'll establish an action plan and explore working together.
Recap
In summary, a fractional COO is the most cost-effective way to reach your business goals. A fractional COO empowers your team to collaborate cross-functionally, while creating scalable support for your small business. Get in touch today to discuss if a fractional COO is right for you.